Arlington, Va. – In a speech at the Democratic National Convention in Philadelphia, Pennsylvania yesterday, Sen. Elizabeth Warren (D-Mass.) praised Hillary Clinton’s plan for an increase in Social Security retirement benefits. Yet, according to the most recent Social Security trustees’ report, absent reform, benefits for Social Security are projected to face automatic cuts as early as 2019.
Generation Opportunity Policy Director David Barnes released the following statement:
“Young Americans are already paying too much into a program they won’t benefit from, and calls to expand benefits are misguided and irresponsible. Doing so would cause the program to go bankrupt even sooner than projected absent another tax increase on working Americans. Instead, politicians should put forward serious reforms that fix Social Security with solutions that empower young Americans to save for themselves. We need to fix Social Security by giving individuals – not government – greater control of retirement, savings tools, and our futures.”